News
Mahama must understand Banking sector clean-up before commenting – Bawumia
- /home/u249204778/domains/spectator.com.gh/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://spectator.com.gh/wp-content/uploads/2024/08/FB_IMG_1724579530565.jpg&description=Mahama must understand Banking sector clean-up before commenting – Bawumia', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/u249204778/domains/spectator.com.gh/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://spectator.com.gh/wp-content/uploads/2024/08/FB_IMG_1724579530565.jpg&description=Mahama must understand Banking sector clean-up before commenting – Bawumia', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Flagbearer of the New Patriotic Party (NPP) and Vice President of Ghana, Dr.Mahamudu Bawumia has jabbed former President, John Dramani Mahama over the banking sector crisis.
“I’ll ask the former president if he hasn’t read, to go and read the receiver’s report or the BoG’s report and acquaint himself before making any further comments on matters he clearly doesn’t understand,” he said
Addressing Ghanaians during the Media Encounter on Sunday, August 25, he said, the former President needs to get an understanding before making further comments, adding that he cannot hand over a bank’s licence to them, this is subject to legal procedure.He said, “We saved the deposits of 4.6 million bank depositors who really were going to lose their deposits if those banks were not saved. I don’t understand whether the former president has taken his time to understand the banking sector. Some atrocious things and this is why these banks had to be saved.”
Dr.Bawumia further added, “They were not collapsed, they were merged into other banks and no banking depositor lost 1 cedi, everybody maintained. But very bad things happened, some of the banks broke all the rules and extended loans way above the single obligor limits.”
“They were given, in some cases 1 billion by the Bank of Ghana to help them out of the mess and they only got deeper into the situation. Other banks were given capital to save the situation, and they used that money to set up Capital Bank, instead of rescuing the problem that they had. They took the money from the central bank and set up another business which also collapsed. Some took money and invested in private properties,” he added.
Dr.Bawumia concluded that “So, it was against this background the governor came to report, and this was one of my nightmares in the last eight years. Most people didn’t understand how close we were to a collapse of the entire banking system. This is how we had to merge many of these banking sectors into other banks and we saved 4. 6 million depositors.”
By Edem Mensah-Tsotorme
Businessman Mr. Ibrahim Mahama has denied reports linking him to a takeover bid for the Volta Aluminium Company (VALCO).
His reaction follows a demonstration by members of the VALCO Labour Union today, during which some protesters alleged that Mr. Mahama was interested in acquiring the state-owned aluminium company.
In a statement issued by his Special Aide, Rafik Mahama, the businessman said he has “no such interest” and has not made any offer to acquire VALCO.
“The allegation is the latest in several vile attempts to impute the integrity of Mr. Ibrahim Mahama and subject him to needless public engagements,” the statement said.
The statement added that Mr. Mahama’s business track record speaks for itself, describing his companies as “some of the best-run operations across the African continent.”
It further noted that all of Mr. Mahama’s business interests were “legally commenced or acquired” and operate within the law a fact it said explains why his businesses have endured across seven election cycles.
“Mr. Mahama remains committed to contributing his quota to the development of Ghana by investing in business opportunities in Ghana and beyond,” the statement added.
The statement also disclosed that Mr. Mahama has instructed his lawyers to take the necessary legal action over the publication and allegations.
By Edem Mensah-Tsotorme
The leadership of Kristo Asafo has dismissed reports circulating on social media and in some media outlets that the late Apostle Kwadwo Safo Kantanka will be buried on July 30, 2026, describing the claim as false.
The current head of the Kantanka family and leader of Kristo Asafo, Kwadwo Safo Akofena Kantanka, addressed the issue during a press conference in Accra today.
He said no burial date has been set and urged members of the church and the general public to disregard any unofficial announcements.
“I urge the members of Kristo Asafo and the nation to disregard any burial date out there,” Akofena said.
He further stressed that neither the leadership of the church nor the Kantanka family has made any such announcement regarding the funeral.
According to him, all official funeral arrangements will be communicated only through a formal statement from the Kantanka family when the time is due.
Akofena Safo Kantanka said the family remains united in ensuring that the final funeral rites are conducted in a manner that befits the legacy of the late Apostle.
He called on Ghanaians to remain calm and wait for the official communication from the family, warning against the spread of misinformation.
Background
Apostle Dr. Ing. Kwadwo Safo Kantanka, founder and spiritual leader of Kristo Asafo Mission of Ghana, passed away recently, plunging the church and the nation into mourning.
The late Apostle was widely known not only as a religious leader but also as an industrialist, inventor, and founder of the Kantanka Group of Companies, which manufactures vehicles and other machinery in Ghana.
Since his passing, there has been heightened public interest in his funeral arrangements.
It would be recalled that a faction of the siblings and family led by former MP Adwoa Safo had earlier announced a proposed burial date and arrangements.
That announcement, however, has been rejected by the current leadership of both the church and the family.
By Edem Mensah-Tsotorme
